Resolutions-2012-01

SECTION 7. INVESTMENT MATURITY LIMITATIONS Operating Funds must be identified and distinguished from all other funds available for investment. Operating Funds are defined as those funds which are reasonably expected to be expended during a current budget year or within fifteen months of receipt. All investments authorized in Section 5 are further subject to the following investment maturity limitations: 1. Operating Funds may only be invested in instruments authorized in Section 5 of this Investment Policy that mature within three hundred ninety-seven (397) days. 2. The Investment Committee may invest funds of the City that are not identified as Operating Funds in investments with maturities that may be three months up and including to more than three hundred ninety-seven days (397) days. However, all investments of the City shall have maturities that are consistent with the needs and use of the City. SECTION 8. SAFEKEEPING AND CUSTODY All invested assets of the City involving the use of a public funds custodial agreement, as defined in Iowa Code section 12B.10C, shall comply with all rules adopted pursuant to Iowa Code section 12B.10C. All custodial agreements shall be in writing and shall contain a provision that all custodial services be provided in accordance with the laws of the state of Iowa. All invested assets of the City for physical delivery shall be secured by having them held at a third party custodian. All purchased investments shall be held pursuant to a written third party custodial agreement requiring delivery versus payment and compliance with all rules set out in this Section 9. SECTION 9. ETHICS AND CONFLICT OF INTEREST The members of the Investment Committee shall refrain from personal business activity that could conflict with proper execution of the investment program, or which could impair their ability to make impartial investment decisions. any personal investment or loans in or with any entity that City has declared as a depository or regularly conducts investment business with shall be disclosed in writing to the sitting City Council of the City. SECTION 10. REPORTING The Investment Committee shall submit an investment report at least monthly that summarizes recent market conditions and investment strategies employed since the last investment report. The investment report shall set out the current portfolio in terms of maturity, rates of return and other features and summarize all investment transactions that have occurred during the reporting period and compare the investment results with the budgetary expectations. SECTION 11. POLICY REVIEW AND AMENDMENT This Policy shall be reviewed every two (2) years or more frequently as appropriate. Notice of amendments to the Policy shall be promptly given to all parties noted in Section One. Passed this 11th day of January, 2012 by Resolution 2012-01 by approval and adoption of the City Council of the City of Tiffin. Resolution 2011-03 affixed as a permanent attachment to this Investment Policy and shall remain in effect until so changed by will of the City Council of the City of Tiffin. Such change or changes shall be approved by resolution. Attest: Adelia C. Madden Adelia C. Madden, Interim Clerk Signed: Steven L. Berner Steven L. Berner, Mayor January 11, 2012 Date Signed